Coinbase – To US Congress: Cryptocurrency …

Coinbase – To US Congress: Crypto Market Already Enough Regulators

On March 14, at a “cryptocurrency” Congressional hearing, during which one of the senators suggested that bitcoin was preventing the government from “controlling” the dollar, Coinbase’s director of risk and legal affairs Mike Lempers said that the US government should focus on simplifying the market situation.

“We believe that Congress does not need to create a new regulator or a new regulatory scheme because federal regulators already have enough power to work effectively in this area,” Lempres said during the hearing. “At the moment, there are at least four federal agencies capable of successfully protecting investors and markets.”.

Two days ago, the Winklevoss brothers announced that they are planning to create a self-regulatory organization for the cryptocurrency industry. The founders of Gemini have named it the “Virtual Commodity Association”. The initiative was supported by the American Commodity Futures Trading Commission.

Despite various growth challenges that have a negative impact on the company’s reputation in the crypto industry, Coinbase is providing funding and implementing the latest technologies (like SegWit) to help the massive advancement of Bitcoin..

This week, Coinbase struck a new deal with UK bank Barclays, which aims to make it easier for UK customers to withdraw funds. Previously, those who wanted to cash out bitcoins had to do it through an Estonian bank, using the euro as an intermediary currency and paying the exchange commission twice.

Coinbase - To US Congress: Cryptocurrency ...

Coinbase was also licensed by the UK Financial Conduct Authority (FCA) a few days ago. In this regard, the company posted a blog post on the benefits that UK Coinbase users will benefit from these changes..

“In 2017, the EU market has doubled the size of other markets, and the UK remains our largest local market for us,” Coinbase CEO Zishan Feroz wrote in a blog post, adding that by the end of 2018 the London team will grow 8 times.

Coinbase - To US Congress: Cryptocurrency ...

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